Carvana Co. Forecasted to Earn Q3 2024 Earnings of $0.31 Per Share (NYSE:CVNA)

Carvana Co. (NYSE:CVNA) – Investment analysts at Zacks Research lifted their Q3 2024 earnings estimates for Carvana in a report released on Wednesday, September 11th. Zacks Research analyst R. Singhi now expects that the company will post earnings per share of $0.31 for the quarter, up from their previous forecast of $0.08. The consensus estimate for Carvana’s current full-year earnings is $0.18 per share. Zacks Research also issued estimates for Carvana’s Q4 2024 earnings at $0.08 EPS, FY2024 earnings at ($0.29) EPS, Q2 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.41 EPS, FY2025 earnings at $1.73 EPS, Q1 2026 earnings at $0.50 EPS, Q2 2026 earnings at $0.49 EPS and FY2026 earnings at $2.04 EPS.

CVNA has been the subject of several other reports. JPMorgan Chase & Co. raised their target price on shares of Carvana from $150.00 to $155.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. TD Cowen raised their price target on shares of Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Morgan Stanley raised their price target on shares of Carvana from $75.00 to $110.00 and gave the stock an “underweight” rating in a report on Thursday, August 1st. Wedbush upgraded shares of Carvana to a “neutral” rating and raised their price target for the stock from $120.00 to $150.00 in a report on Monday, August 19th. Finally, Evercore ISI decreased their price target on shares of Carvana from $150.00 to $142.00 and set an “in-line” rating for the company in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $151.00.

Carvana Stock Performance

Shares of CVNA opened at $140.68 on Friday. Carvana has a one year low of $25.09 and a one year high of $159.85. The company has a 50-day moving average of $139.43 and a two-hundred day moving average of $111.67. The stock has a market cap of $28.50 billion, a price-to-earnings ratio of 61.70 and a beta of 3.43. The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 2.02.

Insider Activity at Carvana

In other news, CFO Mark W. Jenkins sold 55,000 shares of Carvana stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $124.08, for a total value of $6,824,400.00. Following the transaction, the chief financial officer now owns 186,580 shares of the company’s stock, valued at $23,150,846.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Mark W. Jenkins sold 5,000 shares of Carvana stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $146.14, for a total value of $730,700.00. Following the transaction, the chief financial officer now owns 180,609 shares of the company’s stock, valued at $26,394,199.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mark W. Jenkins sold 55,000 shares of Carvana stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $124.08, for a total transaction of $6,824,400.00. Following the completion of the transaction, the chief financial officer now directly owns 186,580 shares in the company, valued at approximately $23,150,846.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,561,866 shares of company stock valued at $346,609,884. 17.12% of the stock is currently owned by corporate insiders.

Institutional Trading of Carvana

A number of hedge funds have recently bought and sold shares of the stock. CWM LLC lifted its position in shares of Carvana by 19.5% in the 2nd quarter. CWM LLC now owns 883 shares of the company’s stock worth $114,000 after acquiring an additional 144 shares during the period. Great Valley Advisor Group Inc. lifted its position in shares of Carvana by 1.8% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 10,358 shares of the company’s stock worth $1,333,000 after acquiring an additional 182 shares during the period. Parallel Advisors LLC lifted its position in shares of Carvana by 39.0% in the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after acquiring an additional 194 shares during the period. American Century Companies Inc. lifted its position in shares of Carvana by 2.6% in the 2nd quarter. American Century Companies Inc. now owns 9,365 shares of the company’s stock worth $1,205,000 after acquiring an additional 241 shares during the period. Finally, Ridgewood Investments LLC bought a new stake in shares of Carvana in the 2nd quarter worth approximately $32,000. 56.71% of the stock is owned by institutional investors.

About Carvana

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.